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12 Oct 2021 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: Australian Fund Monitors

Report Date12 October 2021
ManagerBennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund NameBennelong Concentrated Australian Equities Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return-1.26%
Latest 6 Months22.47%
Latest 12 Months40.05%
Latest 24 Months (pa)24.97%
Annualised Since Inception17.81%
Inception Date30 January 2009
FUM (millions)AU$1956.88
Fund OverviewThe overriding objective of the Bennelong Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying a stringent quality criteria. The investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware.

The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index.

The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
Manager CommentsThe Bennelong Concentrated Australian Equities Fund returned -1.26% in September, an outperformance of +0.59% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +40.05% compared with the index which has returned +30.56%, and since inception in February 2009, the fund has returned +17.81% per annum.

The fund's returns over the past 12 months have been achieved with a volatility of 9.08% vs the index's 9.42%. The annualised volatility of the fund's returns since inception in February 2009 is 14.91% vs the index's 13.48%. Over all other periods, the fund's returns have been more volatile than the index.

Since inception in February 2009 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 164.56%. Over all other periods, the fund's up-capture ratio has ranged from a high of 154.9% over the most recent 24 months to a low of 126.7% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period.
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